Portage approves tax breaks for $465M Pfizer plan
Portage, Mich. – City officials in southwestern Michigan have approved property tax breaks for a $465 million expansion project by Pfizer Inc.
The Kalamazoo Gazette reports Portage City Council voted this week to approve an exemption that will cut property taxes in half for 15 years, including three years during construction. Pfizer agreed to maintain 200 current employees and hire at least 450 new people before the tax break expires.
The pharmaceutical company sought the exemption for a sterile processing facility in the city just south of Kalamazoo. The newspaper says a total of $32.1 million in revenue will be forgone by local taxing jurisdictions during the tax break, which is set to expire in 2033.
Pfizer’s manufacturing campus in Portage already includes more than 120 buildings.